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4111

The extract from a country’s balance of payments account is shown below.

Item Import ($ million) Export ($ million)
Agricultural products ------ 200
Mineral products ----- 300
Consumer goods 250 ----
Capital goods 400 ----
Insurance 50 25
Banking 75 30
Transportation 85 25
Loans 150 60

Using the table above, calculate the:
(a) Balance of trade;
(b) Invisible trade balance;
(c) Balance on current account.

 

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4112

(a) (i) Define distribution of goods.
    (ii) Illustrate the normal chain of distribution of goods.

(b) Describe a consumers’ cooperative society.

(c) Outline any four roles performed by a consumers’ cooperative society

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4113

(a) What is an industry?

(b) Explain the following:
(i) division of labour;
(ii) economies of scale.

(c) Outline any four internal economies of scale.

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4114

(a) Define joint venture.

(b) Identify any three merits of a private company over a partnership.

(c) State any three sources of finance to a public enterprise.

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4115

(a) Distinguish between the following pairs of concepts:
(i)  elastic demand and inelastic demand
(ii) income elasticity of demand and cross elasticity of demand.

(b) Using diagrams, explain how an increase in price will affect the total revenue of a producer if the demand for his product is:
(i) price elastic;
(ii) price elastic

View Answer & Discuss WAEC 2019
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